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to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identity needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehenve identity theft protection, period. and lifelock ultimate was named "best in detection". lifelock's 24/7 proactive protection alerts you as soon as they detect an attack within their network, before it's too late. lifelock protects your social security number, money, credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock snds behind that with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: taxrefund. order now and get th
to be a temporary hike of taxes on but made them perm innocent locking in place an 8.8% top rate that could have new york's most productive residents taking eyes, and it's could take a hike, but will. i was thinking of that, will burr, it's another 9% on the top rate, close to 40%, half writeoffs saying nothing of the other taxes. you're paying 50% in taxes right out the gate. what's the deal? >> well, it's disappointing in that the business community, and the temporary increase part of the overall -- neil: must have known it was not temporary. >> well, no, we believed it would be, and went along with it as part of the overall reform, and he did make some good reforms, but this one is quite different. as far as i can see, this is paired with the $350 check being dulled out to sort of upper middle class people, and then -- neil: robbing peter to pay paul. >> yeah. neil: you think you were snickered? >> a direct money transfer from people in one income bracket to people in another income bracket. neil: so here you were trying to be pragmatic of this, this guy might be a different type of democrat, unl
of state offer tax inaccepttive to intyce business to the state and i'm for lower taxes. then i broke down the numbers. new york state is offering tax credit, not simply tax deductions. estimated at or near 24 a year. i can say the taxpayers of new york would not only not collect any taxes from the "tonight show" they will toll out steps of millions in subsidiaries to nbc. we ask, was nbc, fallon and the crew of rich fat cats need that money? >> bob: are you asking me that question? >> eric: yes. >> bob: sorry. let me -- >> eric: here is the crux of the question. >> bob: i got it. i got it. >> eric: give them free money. >> eric: i don't understand that the states that entice people to production like michigan, is it that they lose money? or don't make money? this is what happens. we give you $24 million but the economic activity that you bring when you come to the city, make up for it that way. >> dana: i think this screams need for tax reform. this is so warped that for cuomo can't get his arms around the fracking issue. issuing the time regulations or whatever law they need. so they bui
of dollars of emergency crash and creditors impose onetime tax of 3% on all bank deposits under $130,000. >> going deep here. >> the tax could be closer to 10% on people who have over $640,000 in the bank. that's according to the "the wall street journal" this morning. people stood in long lines over the weekend to withdraw money before the policy went into effect and now russian president vladimir putin is calling the move, quote, unfair, unprofessional and dangerous. russian citizens make up the majority of billions of euros held in cypress bank. this is important. >> cypress. >> who cares about cyprus? >> come on, cyprus. are you telling me if somebody sneezes in cyprus we get a cold than on the nasdaq? >> tell us why. >> we have a cold on the nasdaq. the nasdaq is going down today. not too many people care about cyprus but a way the europeans have screwed up the bailout by getting the people to pay a part of the cost. you could have a run on the bank and europeans say why do i have my money in this bank? might be a tax on me next. it shows that europe is still a mess, that they h
now, speaking of cyprus, the idea of confiscating people's income after already been taxed sent a chill far beyond cypress. could that happen here? that is question we ask steve forbes, fox chairman and editor-in-chief. he has thoughts on that you don't want to miss coming up on the "countdown to the closing bell" -- "after the bell" [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪
hear how much the $338 million jackpot breaks down after they pay taxes. "fox & friends" starts now. >>steve: welcome back to the studio. look who's back after a long vacation. >>gretchen: i knew that rooster called this morning. >>brian: is that how you got up? >>gretchen: i didn't sleep that much. i'm on a three-hour time delay. but glad to be back. nice to come back to a snowstorm on the east coast. >>brian: did you get my promo this morning? >>gretchen: i saw your lips moving and if i was reading lips correctly, i thought i heard you say? >>brian: gretchen carlson will debut her entire vacation picture by picture day by day. >>gretchen: i believe 7:30 eastern time i brought one picture. i needed marlon perkins on vacation. that's the clue. >>steve: he's unavailable. >>gretchen: i was pulling a brian for a moment. he always refers he needs marlon perkins and then we have to tell him he's no longer with us. it has to do with an animal that was very dangerous. stay tuned. great to be back. in the meantime let's get to your headlines. a last-minute deal to bail out cyprus. in exchan
melissa: welcome. i'm melissa francis. lori: i'm lori i i rothman. voting to delay a tax on the bailout, and now there's reports the finance minister is stepping down. we have reaction with the trading president, the former cypress trade representative to the u.s.. he'll be joining us. >> treasury secretary jack lew meeting with the chinese president on the agenda of growing concerns about china ease role in cyber attacks. melissa: targeting seg represents in new york a week after a judge rejected the ban on large drinks. we get the verdict with the judge andrew going after soda, ear buds, cigarettes, what's next? seriously. lori: only can guess. it is back down to the floor, new hour here on "markets now," and i know cypress is driving action again today. >> it is. we are seeing headlines that the president will be talking with angela merkel, obviously, another development pertaining to what we see in cypress, which then, obviously, really rules the e.u. markets and our markets here at home. yesterday, for example, we lost a lot of money in the global market with all the
as senators dealt with amendments all over the place ranging from the keystone pipeline to eliminating tax breaks for fish tackle box manufacturers. no joke. it's true. passed a budget by a margin of one vote. >> now, the average budget resolution considered 78 amendments, we've done 101. average 35 amendments, we've done 70. twice as many. doing this has been a herculean feat. >> i know everyone is exhausted, and you may not feel it at the moment, but this is one of the senate's finest days in recent years and i commend everyone who's participated in this extraordinary debate. >> can't figure out if mr. in cane is awake. not a single republican supported the plan and four democrats each up for re-election next year also voted against their party's budget. the plan cuts $1.85 trillion over 10 years through a mixture of tax increases and spending cuts and will not balance the budget. the house republican budget which was already defeated in the senate would have slashed $4.6 trillion in spending over the same period without raising taxes. now senator patty murray, the architect of the senat
now that they are working on does nothing more than raise taxes. they want more of your money, more money out of your paycheck. ask yourself does washington really need more of your money? we are $16 trillion in debt. we have deficits we can't even wrap our arms around, and they want more of your money. if you were a financial advisor that put you $1 million in debt and ripped through your college savings for your children and all of your checking account and said, just give me more money and we'll solve the problem, would you do it? absolutely not. more than jobs, though, we are also working to save medicare and social security, the commitments that we have made to the american people. so let's take a look here at the big picture. here's a budget breakdown of where we are at right now. look, your eyes are glazed over and we start talking about the trillions of dollars that we spend, but let's take a look at what you pay versus what you expect. this big blue part right here? that's on auto pilot. no adults have come to the table to talk about where we are at today and how to actuall
? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. the longest 4g lte battery in a razr thin profile. with 32 hours of battery life that turns an all-nighter, into a two-nighter. the droid razr maxx hd by motorola. droid-endurance. droid-powerful. >> well, a judge may have ruled against his big soda ban, but new york city mayor michael bloomberg is at it again. the target this time, cigarettes. if the mayor has his way, stores in the city may no longer be able to publicly display tobacco products and instead keep them under the counter or behind curtains. the proposed legislation is the latest crackdown by bloomberg who successfully banned smoking in new york city restaurants and bars in 2003 and has since taken on not just the sugary drinks, but salt, trans fat and even baby formula. so, mary, the
trade that stuff and make money off of it if you buy enough quantity. it is triple tax-free. anything related to california, municipalities, people are buying them. they are buying them at discount and they are trading them. they are clipping the coupons. do they hold them until maturity? maybe not. here is one more, yankee stadium that that was issued to basically build the garage, again, buying with pennies on the dollar. you do not necessarily hold it until maturity. this is a trade. trade detail risk. big risk here. you can make some money. >> i will follow your advice and not go into this market. california, basketcase when it comes to taxes. it seems too low if they are trading at pennies on the dollar. charlie: it is the real distress stuff like this west virginia tobacco bonds. why aren't the tobacco bonds distressed? when you raise taxes, people will not smoke. they will not pay the taxes. as a trade, you can make some money. jon corzine rolled the dice with short term, i it was italian bonds and spanish bonds. his dad turned out money good. people lost confidence in his abil
think we need to regulate, tax and legalize marijuana so the -- that's a huge reason, that's a -- i hi we immediate to -- legalize it, tax it, regulate it. >> this idea about useful but overused. i want to explore that idea. because i think that's been the -- that's sort of the line for a lot of people, christine quinn, said that before. previous communications. called it a useful tactic. should we just ban the tactic? should people not get stopped and frisked? >> i disagree. it is -- policing tactic that's been wildly overused. obviously in many cases using it in unconstitutional manner. look, now you need the reform, the approach, and we need a new police commissioner. this is the difference i have certainly with christine quinn who wants to keep ray kelly, ray kelly has been the architect of the overuse and stop and frisk. we need inspector general. when we have had in new york city, think about magnitude here. hundreds of thousands of more stops a year. there was never a vote on that. never a public debate. >> comes back to, again, the need for a new mayor. and a mayor who understa
on the record for the first time. voting for or against changes in spending and tax hikes. mime immanuel is live on capitol hill. these votes, a lot more rapid fire than we are used to seeing out of that senate. >> that's right, shep. voting on anywhere from 25 to 30 amendments. the senate democrats' budget among the tough topics. abortion, taxes, and bailouts. so democrats on the 2014 ballot including mary ahead expeditiously. >> the senate will come to order. >> so i would just let all senators know you leave at your own peril. >> and senator murray's budget is expected to come up for a vote late night tonight with 55 democrats in the senate. it is expected to have enough support, shep. >> shepard: some surprising amendments to this thing here? >> that's right. there was something called the marketplace fairness act that just got 75 votes. supporters say it is designed to level the playing field for traditional merchants trying to compete with those on the internet in terms of taxes and it did earn bipartisan support. >> i have a very conservative friend over here on the republican side who sa
with your 401(k)? well, over the weekend, european policymakers agreed to bail them out by imposing a tax on the savings accounts of people who live there. that's right. they're actually taking the bailout money directly from people's bank accounts. of course, that sent folks running to their atms to withdraw their money, sparking a panic. now there's concern the same thing will happen in other parts of europe. and even though wall street is hanging tough, could the cyprus crisis impact us down the line? tom foreman has a fancy show-and-tell to help break it all down for us. tom, thanks for joining us. i understand why cypriots are worried, but why should americans be? >> because this can rattle your wallet. >> really? >> look at this over here. i start with the rhetorical question. what do shreveport, louisiana, knoxville, tennessee, have in common? they have bigger economies than cyprus. it has over a million people. gdp of about 24 billion. but this place is in big trouble right now, because of the issue of debt. what they have is a massive debt. they're spending more than they have, s
closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sector stories as well, lauren. lauren: homebuilders are one of the sectors. among the best performers today on better-than-expected earnings from lennar. lennar as well as d.r. horton hitting new 52-week highs today. david: sort of a bellwether of the economy, what the economy is doing here and as well overseas caterpillar was the worst performer on the dow. it was only down less than 2%. it did drag down the dow from what it could have been. the company is reporting dealer sales, get this, in the asian region dro
of the nation of cyprus. the government elected to come up with a plan be after the parliament levied a tax of up to 10% on anyone who had any bank deposits. now the question is whether they going to do. this is important for us and of course, that can affect our 401k. but that dow average just hit a record high. greg is following the story from london. reporter: that's right, folks today are scrambling to come up with a new way from dragging all of your done with it. they voted down a plan that would see big bites taken out of private bank accounts. again, there has to be a way to get this country out of the way. one way to do it is lax banking regulations. moscow has a stake in all this. officials are reportedly looking for a big loan. back in, with strings like energy and getting rights for the people. the banks are worrying that people. we are told that it could be closed until some kind of deal is done. atms are working. you can get about $1300 out of it and atm each and every everyday. but the hitch is that the atm's run out of money by about 7:30 a.m. so you have to get there early.
. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >> all right. check it out. because punxsutawney phil is a wanted animal. an ohio prosecutor is not happy with the famed groundhog's prediction of an early spring. like much of the northwest and mideast it's frigid in the buckeye state and the prosecutor says he wants the ultimate, the death penalty. >> it's definitely not spring, it's a snowstorm and temperatures in the teens and when i came to work in the wind and the cold, i said to myself something's wrong with phil, you know? punxsutawney has some answers he has to give. i'm going to indict phil and taking the death penalty because let's face it phil is already behind bars with a life sentence. what else is left? >> before you write to complain, the prosecutor admits he has fun and the story has legs. here is a copy of the official indictment. >> poor punxsutawney, can't get a break. >> and the powerball jackpot 320 million. >> i've got my
for 1 trillion in tax increases over the next decade. elizabeth plan will break it down at the bottom of the hour. president obama wrapping up four day tour in the middle east. before leaving israel the president managed to broker a an apology from netanyahu to the british prime minister over commando raid turkish ship that killed 8. he admitted mistakes were made in 2010 as forces were nato embargo. >> can i tell you about this meteor? >> i love that i was up up all night tracking this. this was the meteor they were talking about if you live along the east coast. it's all anybody is talking about. video of reportedly a meteor over a home in maryland from north carolina all the way up to maine. hundreds of people reported official across the sky. claims to captured the security video too. nasa experts says the space rock was probably the size of a softball or volleyball. they are not sure what size ball it was. perhaps a basketball. it burned up in the atmosphere though. >> alisyn: thank goodness. thank you for monitoring that. please call me immediately if you see it heading towards
. the sequencing done right on this cut spending cuts and tax reform. things sound great and they're moving along now. but joe, as we talked about earlier, you're going to have reticent democrats. and even key congressional races who are going to slow down a bit and saying, look, i want immigration and guns dealt with, what are we doing about the economy and the budget, the debt, and tax reform? >> and this is, richard haas, you can only push people so far, i mean, not the republicans' best friend. this weekend said democrats you're about to lose me. i pay 40% federal, 15%. well, i hear we have it cued up. let's go. this is bill maher this weekend. >> -- actually do pay the freight in this country. i just saw the statistics, something like 70%. and here in california, i'm just going to say, liberals, you could actually lose me. it's outrageous what we're paying. over -- i'm willing to pay my share, but yeah, it's ridiculous. >> and not only that -- >> wow. >> people like bill maher pay 55% in california, people in new york pay over 50%. in new jersey, why is a republican sitting at 70% plus appro
the budget over the next ten years. >> but no tax increases. >> no tax increases. the president already got $650 billion worth of tax increases january 1st. he got a trillion dollars worth of tax increases in obama care. this year the federal government will bring in more revenue than any year in our history and yet we're still going to have a trillion dollars budget deficit. spending is the problem. >> the white house says in response, yes, it's true. taxes went up more than $600 billion over ten years at the end of the year but it is also true the white house put $1.5 trillion worth of spending cuts in their budget. the truth is you're both right. i mean, they have offered spending cuts. the taxes did go up. it still hasn't made enough of a dent. you still have to sit down and do something. >> right. i think we're doing our budget this year. actually we're doing it this week here in the house. our budget will balance in ten years. we're going to pass our budget. hopefully the senate will pass their budget. except their budget never comes to balance. the president's budget never comes to b
happened in benghazi because hillary clinton's e-mail has been hacked. >> brian: it's taxes versus entitlements on capitol hill today. republicans and democrats present their budget plans. but which one is better for your wallet? if you like a light wallet, one might be better. if you want within filled with money, one might be better. >> steve: i want the george castanza wallet. tv anchors are supposed to be ready, aren't they? >> we have breaking news to report to you. fox 54 has just learned that a huntsville news anchor is being proposed on live -- right now. (scream). >> brian: that is great. >> steve: oh, man. meet the anchor who got the surprise of her life on live television. >> brian: that is awesome. >> steve: it is. "fox & friends" hour two for tuesday starts right now. that's why you got to be really careful. we're very trusting of the people behind the scenes who put things in the teleprompter. >> what's funny is it took her a second, you know, fox anchor is being proposed -- oh it came out and then she realized. that's what happens with breaking news. >> brian: you se
their taxes as well. we're talking about the thousands of government federal employees dodging the i.r.s. should they be fired? we've got an update on that this morning. >>brian: you think a woman's cheating husband would get the message. after she uses a billboard for revenge. but the best part is how she paid for it. look at that. "fox & friends" starts right gnaw. >>steve: welcome to march madness live here on the "fox & friends" set. >>alisyn: good to be with you all. >>steve: the president is out of the country, 50-hour sprint in israel. we have a situation where a lot of you are saying it is so cold here, i can't wait for vacation. we have a great segment in about 20 minutes. we have the founders and c.e.o. of 14 sandals, three beaches. wouldn't they like to see alisoe just as a token. we might have a beaches bureau. >>alisyn: let's do it. i volunteer. let's talk about the middle east. the president is making his first trip to israel since becoming president and there's a lot of tension, including this attack with rockets fired across the border. >>steve: indeed. somewhere in g
and the rest of it. >> paul: you don't object to the government taxing, so-called syntaxiin taxing, say he we want to defer the use of that? >> this is a real problem, it's a vision of government which is supposed to lead citizens to virtue. that's very different. that's not the constitutional vision. we have a free society in which people make choices and then accept the consequenceses of those choices. i would add, by the way, i can think of few measures designed to make cigarettes popular again among young people than to put them behind counters and make them seem elicit and cooler than they ought to be. >> this isn't just mike bloomberg's obsession. it's huge in public policy, how would you want to look at behavior of people, seat belt laws and singapore has a mandatory savings program, we do not. another big example, the board that barack obama set up in the middle of obamacare, the 15 people who in medicare will decide which medical practices work and which ones don't and the whole medical community will be asked to comply with this. the bigger question and that board is is an example,
even though republicans have given up $600 billion six weeks ago and saying you got your taxes and now we want to see some spending cuts. are those two positions in concrete and intractable? >> i don't think so. the only time i would flatten the tax code and i think that is a good idea, by the way, to eliminate a lot of the loopholes and deductions but what do you do with the money? i would like to put some on the debt and buy down tax rates particularly the corporate rate to create jobs. we need economic growth. for me to o do that he has to embrace entitlement reforms. social security and medicare are going bankrupt. a demographic change in the country. 10,000 baby boomers retire a day. medicare and social security are unsustainable. if the president will help me save medicare and social security and refor reform medii will flatten the tax code but not going to do one without the other. i'm looking for the biggest spending cut in the history of the country along with reforms to save medicare and social security from bankruptcy. then i will do revenue. >> mike: for the first time sinc
taxes, it would curb spending by repealing obama care and eliminate the deficit in ten years. $4.6 trillion in cuts. zero chance of passing in the democratic-controlled senate, it's dead on arrival. >> lawmakers in the house and senate approved legislation to fund the government through the end of september. that avoids the risk of a partial federal shutdown. in the process, they are on spring break for a couple weeks. what's your take on this? >> my take is the whole financial dysfunction of our congress is mind blow iing. you look at this week. let's say frederick, maryland, where there's air traffic control that will be shut. a tower that was built by the stimulus money. so stimulus money went into this tower. the government saying it's a priority. and the the government because of its dysfunction saying we have to shut is down. that's a perfect representation, i think, of how washington is not doing its job. we can't even pass a budget. it can't even run the books. there's no strategy. when you look at some of the spending cuts, you see a lack of a strategy in american financ
country to get a bailout. very controversial because it includes a tax on bank accounts. over the weekend, nervous cypriots ran to the atms to with draw large sums. lawmakers holding a hearing today in the u.s. on the us airways/american merger. a senate judiciary committee looking into the impact the deal might have on competition. the ceos of both airlines will appear. many analysts don't expect ticket prizes to rise, because there isn't much overlap between usair and american. still airline mergers are often heated and messy. complaints about lost bags, screwed up reservations, delayed flights typically soar after two airlines combine their reservation systems. we'll continue to watch the big airline merger. >> always has the potential to be a hot mess. >> yeah. >> take a look live at the vatican. the pope now greeting the leaders from around the world. we'll tell you what he says in his next -- before his inaugural mass this morning. take you back live to rome coming up next. and then today marks ten years since the invasion of iraq. coming up john's powerful conversation with america
propo proposes. while paul ryan drops the tax rate to 25%, rand paul calls for a 17% flat tax. both plans eliminate the tax on capital gains. and when it comes to shrinking the government, paul's budget follows in the footsteps of his father. >> the department of education, gone. interior, energy, hud, commerce, gone. that's how ron paul rolls. >> rand closes four cabinet agencies, education, energy, commerce, and housing and urban development. and it privatizes the tsa. but where paul ryan has thus far been reluctant, rand paul goes there. rand paul raises the social security retirement age, privatizes medicare, and turns medicaid, food stamps, and other social safety net programs into block grants. but not everything is mana for the right flank. rand paul also spends $500 billion less on the military than paul ryan, in order to, as he put it, keep the large military complex of yesterday in check. fox news sunday host chris wallace asked the scion of the paul dynasty about his bipolar approach. >> do you think there's room for a realistic, feasible presidential candidate who's to t
spent it all. >> jesse: only 30 million. >> clayton: and now talk about what the taxes look on all of this. can i play the opposite side. you win million, 25% of that lump tum gone to the federal government and 84 information gone to, 0 gone to the federal governme government. >> alisyn: and then new jersey has a high state tax as you can see, 10.8%, so 36 1/2 million will go to new jersey, i know you're thinking, can i move today to texas? and i know you shall the winner are listening and kudos for your ingenuity. yes, you might be able to move to a state with no state tax, but new jersey might still take it. >> jesse: and if chris christie has its way, going to get more of your dough because i think the 7.8 to 9.8, good luck. >> clayton: hallelujah. still taking home 216 million dollars. that's what he would get it end. >> jesse: what would you do with that kind of dough. >> alisyn: let's talk about that. >> clayton: i don't know. >> jesse: would you buy me a boat. >> clayton: i would buy you a boat first. i don't know helping starving children i would help jesse get a boat. >> j
not on a sustainable fiscal path because of the tax cuts because of the unpaid four wars because of demographics. so we need to do two things at once. we need to support the economy in the short run, investorring in infrastructure putting construction workers back to work, making america important competitive in the future and also address the problems causing a long-run deficit which are healthcare rapidly growing healthcare costs. we can improve our tax code by closing all the tax loopholes that we have. that's what the president has been focused on since frankly since i started working for him back in 09. >> rose: do you believe, are you hopeful that somehow the capitol, the dinners the lunches that are taking place that there's somehow a change in the dynamic of the conversation? >> i think the president is willing to try whatever will work. i think that it's a pretty high hurdle he's facing. i say that because the president worked awfully hard because of the congressional leadership to reach a grand bargain. we set as a goal as a number of others have to rules the deficit by 4 trillion dollars ov
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addressed his country to explain why he accepted a controversial plan which includes taxing people's savings and promised to amend some of the provisions to protect small depositers. they're meeting monday to discuss the tax many say are disastrous. >> attempting to drain their savings before the government takes a cut. but these anxious investors were a day late. >> i saw people withdrawing money on saturday and told myself let's do it later. then there were no money. all the cash points were empty. >> beaten by the thousands at the a.t.m. machines across the country, the public could be funding the country's financial bailout. banks put in place withdrawal limits but did nothing to deter would-be cash grabbers. under the deal, anyone with a bank deposit in cypress will be taxed. that means everyone who is less than $130,000 in the bank will pay a one-time tax of 6.75%. anyone with more than that in savings will pay 9.9%. someone with $150,000 in the bank will be forced to give the government nearly $15,000. tonight the president of cypress spoke to the country, urging acceptance of the bai
to tax private bank accounts up to 10%. and now citizens in cyprus are in panic mode rushing to a.t.m.'s. there's a run on banks there as people try to clean out their savings before the tax hits them. >>ainsley: this is to help bail out the cash-strapped country. something like this, could it happen in america? we're asking our guest stuart varney. good morning. >> theoretically, yes, it could happen here. if congress passes a law which taxes wealth -- that is a bank deposit -- yes, it could happen here. in practice, it will not happen here. >>ainsley: it will be a riot. >> plus america can print its own money. you can print dollars to get out of trouble if you're in extreme situations. cyprus uses the euro, somebody else's currency. >>brian: the problem is this is the deal they cut in order to survive. the e.u. gave them this money and said this is some of the austerity things you must do. >> cyprus is bankrupt. it needed an extra $13 billion to keep going. the europeans said we'll give you the money, but you've got to give some of it back from the deposits of everybody in the c
. granting huge tax breaks, that has to be made up somewhere. the ryan budget repeals the affordable care act except they keep the projected savings in their budget projections. the $716 billion that we heard so much about in the election last year, paul ryan keeps the savings that obamacare would generate, but eliminates the benefits. the revenues that come from some of the taxes on medical devices and other things, they keep the revenue that comes from the affordable care act, but they want to cut the benefits. so thouis is really about an ideology. the wealthiest americans have essentially captured the republican caucus. and what we see in the ryan budgity or in anything that has to do with the affordable care act, anything that has to do with the smart investments that we know we need to get the economy growing again, those are off the table. big tax cuts for the wealthiest americans that has to be made up by somebody and we know who that somebody is. >> thank you for coming in. there is no huge surprise that the ryan budget overwhelmingly passed in the house or that it failed in in the s
exit from the euro. the rescue package scraps a controversial plan to put a tax on private bank deposits. but a top european official says europe may need help paying the bills. >> the euro area member-states are committed to assist cyprus in its adjustment process and have reaffirmed that the size of the financial assistance will amount to 10 billion euro. we would obviously welcome a contribution by the imf. heather: so, question is, who wins, who loses in this deal? stuart varney is the host of "varney & company" on the fox business network and he is here to answer that question for us. so who wins, who loses? >> heather, let's start with the oozers. the russian mob, number one. losers big-time. they will confiscate 30% or more of those depositers and money in the bank if they have got more than 100,000 euros. a lot of those people are russian. they will lose big-time. secondly, the cypriot people, they lose. the island is already in chaos and they face an economic depression. there are some forecasts that cyprus will lose 20% of its economy. that is a depression. so those tw
2011, it's being talked about heavily to get this, uma, to tax bank deposits in italy. so we had that bank deposit tax rejected in cyprus, these other measures are still in flux right now to save the banking system in cyprus. the situation is pretty dire right now. we're waiting for the deadline to pass on monday, see what happens there, uma, i'm going to give it back to you. uma: it's definitely scary, and the stakes remain quite high. thank you sop for that update. jon: a woman who is seen on surveillance video is then found dead just hours later. now police help the public will help them find her killer. the latest on this murder investigation. >>> and sweeping renovations could be coming to guantanamo bay to the tune of $49 million. a look at what the pentagon is proposing for the detention camp there and what it means for taxpayers, that includes you. it's coming up in a live report. hey. they're coming. yeah. british. later. sorry. ok...four words... scarecrow in the wind... a baboon... monkey? hot stew saturday!? ronny: hey jimmy, how happy are folks who save hundreds of d
. the government is changing their plan. instead of taxing at 6.75%, the will tax at 3%. >> shepard: this is a bank holiday in cyprus. they were going to open tomorrow. then they decided to wait until wednesday or thursday. now looks like friday. and along the way, there was a plan to tax large amounts of money at something close to 10%, and then every day folks at something less. that's the part you said they've taken down. >> that's the part they're concerned with. they know they're making the people who live there angry. if you woke up tomorrow and saw your account -- your mother's account was being impacted like this, you would be desperately unhappy. i can't imagine what kind of reaction we would get here in the u.s. >> the concern is that cyprus does this, you have problem in italy and spain. and then there's a run on their banks. >> you don't know the impact here. it's the rule of law. you're not supposed to take things that aren't you're, especially if you're the government. that's why you saw the market solidly negative. i don't know how there's control over this. we'll be watching but dee
escalation. number two, stocks closed lower on news of a plan plan to tax the bank account of the tiny nation of cyprus to help bail out the country infantry from financial crisis. number one, cops found a student dead with pistol and assault rifle and homemade explosives in his dorm at the university of florida in south orlando. that's "the fox report's" top five. on this day in 1963, the u.s. supreme court issued a land mark ruling that states have to provide a lawyer to a criminal defendant who can't afford one. it began with the 1961 arrest in florida of clarence earle gideon for breaking into a pool hall and stealing money from vending machines. he couldn't afford a trial attorney. that could hope happen in death penalty cases and wound up sentencing gideon five years in prison. he appealed claiming the conviction violated his constitutional rights. the supreme court upheld the claim and in a re-trial with a defense lawyer, gideon walked free thanks to historic decision 50 years ago today. and now you know the news for this monday, march the 18th, 2013. i'm shepard smith. i will see you
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
signs solo power managed to secure a $20 million tax credit from the state of oregon in september which sold for $13.5 million in cash. in all the state and local investment in solo power is $58 million. oregon officials say it is working saying the companies that received tax credits created 1300 direct jobs and 3,000 indirect jobs in the past six years. critics say the company can't compete with china's cheap costs without tax payer money. it should be going to important things like schools. they haven't met the bench marks required to draw on the $197 million federal loan guarantee. but it wouldn't say what the bench marks are or if the feds will lower the bar in order to help the company survive. >> diane macedo fox news. >>> still ahead, it is an american tradition as old as our country. why is one military institute being forced to cancel the 4th of july. >> there's a new one a much different trend taking place in hollywood. attacking the white house. we will have the details about that straight ahead in the fox light. >> let's check in with bray an kilmeade to see what's going on
it on friday because my tax burden is now so high then i had to pay agent commissions. all of that. it wasn't worth for me to do it. i can't do it not worth my time anymore. three or fewer people then didn't lose their jobs entirely but they loss a big portion of their jobs because i walked away from a situation which wasn't economically tenable anymore because the federal and state government in new york, okay, taking too much money. it's not worth me doing it anymore. and this is what i'm talking about, juan. that the giant colossus of take, take, take, from me the entrepreneur, is harming the economy and that is one small example that's irrefutable, juan. >> i think it's irrefutable in your very high level situation. but i think most people would look at you, bill, and say well you do your tv show, you do your wonderful book. it certainly hasn't stopped you from being an active part. >> bill: people there is going to come a time that it's not just going to be worth it anymore, juan. then a lot of people are reaching that go ahead, mary katharine. >> that's the thing, bill. many folks wit
tax on the large depositors which would lead to a tax of around 15% or 16%. or they can basically restructure their two bad banks. it would be very simple to do that. what would happen is the banks would write off all their equity, write-off their senior debt, write-off their dpovt subordinated debt. and then the large depositors would president owners of the new bank and convert. >> narrator: between 50% and 30% of their new depositors in the banks. >> could they say we don't want to do anything of those? >> certainly they can choose to do that. i don't think that's necessary. basically, if they do nothing, and the ecb carries through with its policy of cutting off liquidity on monday, they will have no choice but to restructure the two banks. >> are you surprised to see lines forming? >> no. depositors are frightened for their money. they've been told there's a high likelihood of the banks closing and staying closed for a period of time. in fact, the lines are not as long as i would have expected them. >> wow. interesting 30i7b9. i had a discussion with simon hobbs, my colleague
, which is to tax depositors below 100,000 euros. exactly one week later, that idea is completely dead. it's not going to happen. however, if you have uninsured deposits, over 100,000 euros in either one of the two banks that are going to be restructured, you are going to suffer severe losses, anywhere between 30% and 70% depending on which bank. equity goes to zero. junior bondholders to zee he row. senior bondholders for the most part to zero depends on the bank. what's the impact for investors? if you are an investor in european banks, you are on notice. every single bailout that has happened, your protection has diminished step by step by step. this is by design. it is europe's stated goal that by 2018 bailouts will not be a burden of the taxpayer. they will be born by the private sector and the investors in the questionable institutions. these banks will likely see interest rates rise as a result of this, maybe the countries that they're in. the question is, is this going to cause broader risk or force discipline and responsibility or both? >> additionally, european decision making on
will be determined today. 40 percent of people's money could be taxed. it's interesting. this is like a tax the rich kind of thing going on there. >> all of the russian have their money parkd in cyprus. they had an opportunity to save cyprus, not so productive there. if you have less than 130,000 dollars in that bank it is okay. it is safe and it goes to the biggest bank in cyprus the bank of cyprus. >> the good news it won't hurt or markets. >> cyprus isn't out of the woods just yet. moody agency warning it is still at risk of default and it can exit the euro. that could see the euro zone through out the entire content. they will have painful consequences for cyprus. the gdp will be negative for quite sometime. right now there is how much money can be taken out of the atm 100 euros a day. there's panic over there. >> stars are going through and we don't want to have it here. >> it is time to take a look at who is talking this morning we are looking at the continuing national debate on guns. new york city mayor on michael bloomberg announcing a $12 million ad campaign for mayors against guns. in at
they do support raising tax, only on the wealthy americans but esensely, what's changed, they didn't pass a budget for four years, any budget threat they passed would have included a tax increase and felt vulnerable in the campaign. well, president obama got re-elected by promising a tax increase on high-income americans to reduce the deficit. so now, finally, senate democrats feel that they can go ahead and echo that position. that's change. >> an narc the president is expected to release the white house budget in april. what kind of compromises, if any, can we expect to see there? >> i think he is going to kind of come up and say the same things that he has been saying. we will look at the changes he will make to the entitlement program. the republicans saying they will not raise tax and what the democrats might do on entitlement reforms if they can find any kind of common ground that would be possible there. >> bill schneider, anna palmer, stick around. we would like to come back to you later in the hour, if that's okay with you. >> sure. >> thanks. >>> could bill clinton be talking ou
to tax savers as unfair and dangerous. is cypriot government considering imposing a savings levy of up to 10% as a condition for receiving an international bailout. the president has had to give one of the most difficult speeches of his tenure to convince impede cost to vote for the bailout deal. for to votece him h the bailout deal. >> we are living in the most tragic times since 1974. we have the -- taken charge of a state that is, unfortunately, facing bankruptcy. >> financial experts say many people are still digesting the news to. >> -- the news. >> for me as an economist, the money was still there saturday morning. if you're not watching very very closely, people were very surprised. got hit under 100,000 anyway. that was a bit of a rude shock. i think people are angry and annoyed. 48 hours later, i think people realize -- the president said it very strongly last night. they showed some of the business people on state tv last night. saying, we have no choice, this is all we can do. >> the president sent -- set out his case for voting in this bailout when he addressed the people o
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